Crypto payment processor Coingate and International Business Settlement (IBS) have started an arrangement with the National Bank of Ukraine (NBU) that enables well-wishers to send donations to Ukraine via more than 70 different crypto assets.
Calls for Widening List of Accepted Crypto Donations
Lithuania-based crypto payment processor Coingate recently said it has begun an arrangement with the Ukrainian central bank that has seen the number of crypto assets well-wishers can donate to the country’s armed forces rise from just four to more than 70.
This widening of the list of accepted crypto assets comes just a few days after the Ukrainian government acceded to Polkadot creator Gavin Wood’s pleas to have DOT added to the list of cryptos accepted for donations. As reported by Bitcoin.com News, shortly after the Ukrainian government said it would accept polkadot donations, Wood immediately honored his pledge and donated DOT coins worth over $5 million.
Consequently, the Ukrainian government’s decision to accept DOT and three other cryptocurrencies prompted more players in the crypto space, including Tron founder Justin Sun, to similarly plead with the Ukrainian government.
Real-Time Conversion From Crypto to Fiat
In his remarks following the announcement, Coingate’s co-founder, Dmitrijus Borisenka denounced the conflict which he says “is disturbing the freedom of Ukraine and its people.” The crypto payment processor’s head of product, Sarunas Matulevicius, said:
“We do what we do best. We have a platform that is able to process 70+ different cryptos with the ability to convert them into any other crypto or fiat in real-time.”
Another Coingate executive, Matas Kibildis, is quoted in a report explaining how cryptocurrencies have now demonstrated their importance. He said:
The fact that any person or private company can easily do cross-border decentralized-system donations to countries facing conflicts is truly mesmerizing and one of the big reasons why the community is actively supporting Ukraine.
Meanwhile, a report by a cryptocurrency news platform reveals that the international payments firm International Business Settlement (IBS), is also party to the arrangement. According to the report, all crypto donations will be converted into euros and IBS is tasked with approving and sending the payments to special donation accounts that have been set up by the central bank.
What are your thoughts on this story? Tell us what you think in the comments section below.